Avalon Globocare Announces $4 Million Private Placement Of Preferred Stock With The Company’S Chairman Which Converts At A Significant Premium To Market; Proceeds To Support Acquisition Of Laboratory Services
Acquiring Company
Change Agents Corporation.
Acquired Company
Laboratory Services
FreeholdBiotechnologyHealthcareHealth CareArtificial IntelligenceTherapeuticsMachine LearningHealth DiagnosticsDescription
Avalon GloboCare Corp. (“Avalon” or the “Company”) (NASDAQ: ALBT), a leading global developer of innovative cell-based technologies and therapeutics and laboratory testing provider, today announced that the Company completed a private placement of shares of its Series A preferred stock with the Company’s Chairman, Daniel Lu. The gross proceeds of the offering were $4.0 million, which is in addition to the previously announced private placement of $5 million of Series A preferred stock, all of which will be used to pay a portion of the purchase price for the announced acquisition of Laboratory Services MSO, LLC. As previously announced, the Company’s Series A preferred stock is convertible into shares of the Company’s common stock at price per share equal to the greater of $1.00 or 90% of the closing price of the Company’s common stock on the Nasdaq Stock Market on the day prior to conversion. All holders of the Series A preferred stock will be restricted from selling the shares of common stock issuable upon conversion of the Series A preferred stock for a period of 9 months and will be limited to selling no more than 10% of their shares of common stock in any calendar month.
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Frequently asked
Who acquired Laboratory Services?
Laboratory Services was acquired by Change Agents Corporation., based in Freehold. The deal was reported on December 14, 2022. Change Agents Corporation. is publicly traded (CHGA) and operates in Biotechnology.
When did Change Agents Corporation. acquire Laboratory Services?
Change Agents Corporation.'s acquisition of Laboratory Services was reported on December 14, 2022. Avalon GloboCare Corp. Fundz records the date the transaction was first publicly reported, sourced from filings and company announcements.
What does Laboratory Services do?
Laboratory Services is the company acquired in this transaction. It is privately held.
This company was part of an acquisition. Fundz tracks who bought whom, and who to call on both sides.
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